Australia can't seem to wait for a change in federal government, according to Opposition Leader Tony Abbott, as he declared on Tuesday that the nation has come to realise that Labor policies currently in-place have been wrecking the domestic economy.

"The last thing we need is a government with policies that will damage Australia's economic growth," Mr Abbott was reported by the Australian Associated Press (AAP) as saying in scoring the manner the Gillard Government has been handling the economy so far.

His comments were made in the aftermath of the local bourse's shaky opening yesterday, which saw investors in shock as the market lost billions in value as of the afternoon trading.

But Federal Treasurer Wayne Swan has insisted that economic worries spawned by the European situation, which economists blamed in the jittery start of the local shares market yesterday, would not spill over into the local settings, at least not in a big way.

The local economy, Mr Swan said, supports the creation of jobs, keeps a lid on inflation levels and stands on resource investment pipelines that could $450 billion in the immediate years ahead.

While difficulties may be present at this time, the Treasurer reiterated in Canberra today that "Australians can have confidence that we do face these challenges from a position of strength."

However, latest economic indicators seem to contradict Mr Swan's assertions, specifically in the employment sector, which according to ANZ failed to provide sufficient job openings in May.

Job ads in the country has been generally retreating since April of this year, the ANZ reported, pointing to the likelihood that companies were not too confident on their growth outlooks to hire more talents.

The gloom hovering over Australia, Mr Abbott said, means that the country demands for an immediate change of government, which is likely to happen late next year as the Coalition, as far as the surveys are concerned, is touted to drive the Labor government out of power.

An Abbott Government, the Liberal leader said, would lead to the restoration of "hope, reward and opportunity," for Australia.

"We will get spending down, taxes down, we will get productivity up, that means that growth will be up, and that's what Australia needs right now," the opposition leader told reporters in the capital today.

Meanwhile, Commonwealth Bank chief executive David Murray called on Prime Minister Julia Gillard to act quickly in order for the country to withstand the pressures coming for the turmoil unfolding in Europe.

Mr Murray agreed with the Coalition that specific policies of the government may be doing more harm that propping up the local economy.

The CBA chief told The Australian that the Labor government needs to realise soon that the budget presented last month was inherently flawed and afterwards take a second look on new taxes that will be rolled out July this year.

"I would encourage the government to suspend or repeal the carbon tax, put the tax group back together and put all options on the table, including rethinking the mining tax, and redo the budget after that's done," The Australian reported one of the nation's top banking executive as saying on Monday.

But Mr Swan stood pat on implementing Labor policies, which he stressed were anchored on economic reforms that in turn support Australia's vision of sustainable prosperity.